GIG’s Q2 revenue jumps 40% to $34 million with record-breaking Media Services performance

iGaming technology company Gaming Innovation Group (GiG)  has announced its Q2 2023 results, showcasing robust growth in revenues and profitability. GiG's second-quarter revenues reached €31.1 million (approximately $34 million), marking a 40% year-over-year (YoY) increase from the previous year's figure of €22.1 million ($24 million). Notably, a significant portion of this growth, 22%, is attributed to organic sources.

The adjusted EBITDA for the three-month period stood at €14.0 million ($15.2 million), reflecting a 68% rise compared to the €8.3 million ($9 million) reported in the same quarter of the previous year. The adjusted EBITDA margin, a key indicator of operational efficiency, surged to 45.0% from the previous 37.5%.

EBIT (Earnings Before Interest and Taxes) for the quarter grew 173% Y-o-Y to €6.6 million ($7.3 million) from the previous year's €2.4 million ($2.6 million). The EBIT margin, representing the proportion of profit generated for each unit of revenue, rose to 21.1% from the prior 10.8%.



"The second quarter of 2023 has proven another step forward for GiG with the business reaching another all-time high in revenues. We now look into the second half of the year with total focus on ensuring strong growth mechanics, continued operational improvement, and long-term scalability for GiG," said Richard Brown, CEO of GiG.

The revenues from GiG Media achieved an all-time high of €21.7 million ($23.6 million) for Q2, marking a 47% rise from the previous year's €14.8 million ($16 million). Of this growth, 20% is attributed to organic sources. The adjusted EBITDA for GiG Media reached €10.3 million ($11.2 million), up from the previous year's €7.0 million ($7.6 million).

The Platform & Sportsbook division revenues stood at €9.3 million ($10 million), marking a 27% Y-o-Y increase from the previous €7.3 million ($7.9 million). The company said all of this growth is organic. The adjusted EBITDA for this division reached €3.7 million ($4 million), up from prior €1.3 million ($1.4 million). The adjusted EBITDA margin increased to 39.7% from the prior 17.2%.

GiG clocked €6.6 million ($7.2 million) of profit before tax for the second quarter, which marks a 197% YoY increase from the previous €2.2 million ($2.4 million).

The second quarter results come ahead of the company’s planned split into two main business segments: Media Services and Platform & Sportsbook. The Media Services segment includes GiG's lead generation business through online media buys and publishing, while the Platform & Sportsbook segment encompasses iGaming platforms, front-end development, and other managed services. Early this week, the company announced the appointment of Richard Carter as the CEO of its Platform and Sportsbook division.